If you’re thinking about listing your home for sale, you’re a smart cookie. Last year, the real estate market saw the highestprices it has seen in over a decade, with sales 22 percent higher than they were the year before. While things could change fast, the housing market is a hot one for sellers, at least at the moment. That means putting your home up for sale could be worth your while financially (just make sure you’re ready for competition when you go to find your new place).
But how do you go about getting the absolute best price for your house? There are many ways — from carefully selecting your realtor to creating local buzz — but making functional and aesthetic upgrades is one of the most reliable and one that could bring a huge return on investment (ROI). In this guide, we’ll cover some simple and not-so-simple ways to boost value, from adding a solar skylight to painting the front door.
Here is the list of 8 Ways to Add Value to Your Home
1. Add a Laundry Room
According to the National Association of Home Builders (NAHB), the number one most-wanted home feature among buyers is a laundry room. In fact, 47 percent of respondents said the laundry room was essential, while only 32 percent said the same about the dining room. So go ahead and turn that formal dining space into a first-floor laundry for the next residents. It just might earn you a few thousand more on your sale!
2. Freshen Up the Kitchen
Unsurprisingly, home buyers also want an upgraded kitchen, with some of the most desirable kitchen features being a side-by-side double sink, a walk-in pantry, a central island and table space for eating. However, know that a full kitchen remodel is not actually the best way to get the most bang for your buck. According to Zillow, minor kitchen remodels bring a much higher ROI than major ones — about 81 percent for a minor remodel, compared to 53.5 percent for a major upscale remodel. So rather than knocking down walls and installing new cabinets, it may be a better bet to make small upgrades like painting and installing new kitchen appliances.
3. Paint the Door
We’re skeptical, but did you know that you can actually boost your home’s value by over $6,000 simply by painting the front door black or charcoal? Studies show that buyers are more likely to pay extra for this one unique feature, so go ahead and break out the black paint!
4. Paint the Interior
Paint really is the secret weapon when it comes to making your home desirable to a large group of buyers. A fresh coat of neutral-colored paint on the interior of your home gives it a clean sparkle and helps buyers visualize their décor in your space. What’s so great about a fresh coat of paint is that it doesn’t cost a ton of money. For a few hundred dollars, you can totally revamp the interior of your home while boosting its market value.
5. Add a Skylight
Natural light is important for modern buyers, as it helps create a more enjoyable ambiance. That’s why, in our opinion, residential skylights are a highly under-utilized tool for boosting your home’s value. Not only can skylights improve the lighting situation and bring alive dingy spaces, but they can also help you regulate the temperature in the space and save on energy costs. In the winter, a skylight can bring in warmth and brightness to your space. In the summer, it can bring a nice breeze to help cool things down.
6. Add a Little Curb Appeal
Freshening up the landscaping around your home is a great way to earn more attention from passersby and it will also make your listing more inviting and eye-catching. Planting flowers, mulching and adding exterior décor are great ways to enhance curb appeal for all sorts of buyers. These days, homeowners spend a lot of time entertaining in their open-air living spaces, so consider creating a cozy place to hang out outside.
7. Replace or Repair Windows
Old, worn-out windows are a huge energy suck, especially in older homes that are poorly insulated. Today’s home shoppers are looking for improvements that help them lower their energy bills, and they may also enjoy the added bonus of lowering their carbon footprint while they do it. Upgrading the windows is an excellent way to achieve both goals. If preserving character is key and you’re working with an old home, consider making repairs to existing windows, such as replacing the wood or glass with the help of a restorationist, so as to boost efficiency without sacrificing the vintage charm.
8. Renovate the Closets
Closets and storage space are huge to homeowners, yet making changes to them is surprisingly low on the list for many sellers. But this is one area that could add thousands of dollars to the final sale price, so consider putting some money into your closets. While expansions are the big-ticket strategy, you can also secure a higher sale price simply by adding new storage components, like new clothing racks or shelving. This is an especially huge selling point for those looking for an old home, since storage space tends to be limited in homes built before the 1950s. Expanding or adding closets to older homes can make them more appealing to a broader group of buyers.
Upgrading your home before listing it for sale can feel a bit bittersweet. You know you’re going to earn top-dollar for the house, but all the improvements might make it so nice that you decide to stay! One thing to keep in mind when making changes is that some upgrades bring value that goes beyond the monetary. If you get to enjoy them while you sell the house (or decide to stay a while), that equates to value in and of itself because it improves your quality of life!